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What accounts count (toward probate thresholds)?

On Behalf of | Mar 19, 2021 | Estate Planning

It is becoming increasingly common for people to have many financial accounts. In addition to the classics, like checking and savings, you may also have multiple retirement and investment accounts.

As you think about your estate plan, you will need to consider what impact each type of account will have on your estate’s overall value and how you want to distribute the funds that remain in each account.

Here’s what you should know about the different types of accounts you may have, and the impact they could have on your estate plan’s value.

The classics

When you assess your estate’s value, your mind may first go to your real estate assets. While those contribute to the overall value of your estate, you also need to include accounts such as:

  • Checking accounts
  • Savings accounts
  • Investment accounts

The end of a person’s life is unpredictable, so these accounts could have more or less than you considered when you created your estate plan. Regardless of the balance when you created the plan, these accounts will be assessed based on the amount they contain when you pass away.

You planned for the future

Having life insurance, retirement plans, and other long-term accounts can help you have the life you want until you pass away. These accounts can also help you support your loved ones if you have end-of-life expenses or are in an accident.

Part of creating your estate plan is determining which of these accounts will be part of your estate so there can be a smooth transfer when it is time to go through the probate process. When determining the value of your estate, these accounts may also be included in the overall value.


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